Kenneth Dart’s LBS Limited adds Flutter (FLUT) total return swap exposure

Rhea-AI Filing Summary

DART KENNETH BRYAN reported open-market purchase transactions in this Form 4 filing.

Flutter Entertainment plc large shareholder Kenneth Bryan Dart, through LBS Limited, entered into a Total Return Swap referencing 113,233 Flutter shares on March 4, 2026. The swap has a reference price of $112.1374 per share and increases Dart’s indirectly held notional exposure to 1,285,710 shares.

The swap is scheduled to terminate on March 2, 2028 and will be cash-settled at maturity. At that time, Dart must pay the counterparty any decrease in the share price below the reference price, while the counterparty must pay Dart any increase above it. Dart pays monthly interest based on SOFR and receives payments equal to any dividends on the referenced shares during the term.

Insider Trade Summary

Net Buyer: 113,233 shares ($12,697,654)

Net Buy 1 txn

Insider DART KENNETH BRYAN

Role 10% Owner

Bought 113,233 shs ($12.70M)

Type	Security	Shares	Price	Value
Purchase	Total Return Swap	113,233	$112.1374	$12.70M

Holdings After Transaction: Total Return Swap — 1,285,710 shares (Indirect, See footnote)

Footnotes (1)

1. The reference price for the Swap is $112.1374 per share. The Swap is scheduled to terminate on March 2, 2028, at which time the Swap will be cash-settled. Under the terms of the Swap, at maturity: (i)the Reporting Person will be obligated to pay to the counterparty any decrease in the market price of the referenced shares below the reference price, and (ii) the counterparty will be obligated to pay the Reporting Person any increase in the market price of the referenced shares above the reference price. The Swap requires the Reporting Person to pay monthly interest to the counterparty on the financing leg of the Swap at a rate based on SOFR. Additionally, the Reporting Person is entitled to receive payments from the counterparty equal to any dividends paid on the referenced shares during the term of the Swap. LBS Limited is the party to the Swap and direct "holder" of the "notional" shares. As owner of LBS Limited, Mr. Dart may be deemed to beneficially own the reported securities but disclaims such beneficial ownership except to the extent of his pecuniary interest therein.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DART KENNETH BRYAN

(Last) (First) (Middle)

P. O. BOX 31300

(Street)

GRAND CAYMAN E9 KY1-1206

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Flutter Entertainment plc [ FLUT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/04/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Total Return Swap	(1)	03/04/2026		P/K		113,233		03/02/2028	03/02/2028	Common Stock	113,233	$112.1374	1,285,710	I	See footnote(2)

Explanation of Responses:

1. The reference price for the Swap is $112.1374 per share. The Swap is scheduled to terminate on March 2, 2028, at which time the Swap will be cash-settled. Under the terms of the Swap, at maturity: (i)the Reporting Person will be obligated to pay to the counterparty any decrease in the market price of the referenced shares below the reference price, and (ii) the counterparty will be obligated to pay the Reporting Person any increase in the market price of the referenced shares above the reference price. The Swap requires the Reporting Person to pay monthly interest to the counterparty on the financing leg of the Swap at a rate based on SOFR. Additionally, the Reporting Person is entitled to receive payments from the counterparty equal to any dividends paid on the referenced shares during the term of the Swap.

2. LBS Limited is the party to the Swap and direct "holder" of the "notional" shares. As owner of LBS Limited, Mr. Dart may be deemed to beneficially own the reported securities but disclaims such beneficial ownership except to the extent of his pecuniary interest therein.

	/s/Kenneth B Dart	03/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Kenneth Bryan Dart report in his Form 4 for FLUT?

Kenneth Bryan Dart reported a Total Return Swap referencing 113,233 Flutter Entertainment plc shares. The derivative position was opened on March 4, 2026, and increased his indirectly held notional exposure in Flutter shares to a total of 1,285,710 shares.

What are the key terms of the Flutter (FLUT) total return swap?

The swap references 113,233 Flutter shares at a $112.1374 reference price per share. It is scheduled to terminate on March 2, 2028, will be cash-settled at maturity, and involves monthly interest payments based on SOFR plus dividend-equivalent receipts.

Who is the direct party to the Flutter (FLUT) total return swap?

LBS Limited is the direct party to the swap and the holder of the notional shares. As owner of LBS Limited, Kenneth Bryan Dart may be deemed to beneficially own the reported securities but disclaims beneficial ownership except to the extent of his pecuniary interest.

How does the Flutter (FLUT) swap settle at maturity?

At maturity, the swap will be cash-settled. Dart must pay the counterparty any decrease in Flutter’s share price below the $112.1374 reference price, while the counterparty must pay Dart any increase above that level on the referenced shares.

What cash flows occur during the term of the Flutter (FLUT) swap?

During the swap’s term, Dart is required to pay monthly interest to the counterparty on the financing leg at a rate based on SOFR. In return, he is entitled to receive payments equal to any dividends paid on the referenced Flutter shares.